Malibu and the surrounding southern Californian region has been boosted these last few months by an increase in home sales and in some areas, home prices!

This week the National Association of Realtors has released yet more information about home sales and inventory levels nationwide and regionally.

Locally, the western region of the country had exciting news. Sales increased 1.6% to an annual rate of 1.31 million in October and are 12.0% above a year ago. The median price in the West was $220,200

Nationally, sales of single-family, townhomes and condominiums jumped 10.1% to a seasonally adjusted annual rate of 6.10 million units in October, a massive increase of 23.5% above October 2008 and the highest sales activity since February 2007! This increase has lead to a decline in inventory, which fell at the end of October by 3.7% to 3.57 million existing homes available for sale, which represents a 7 month supply at the current sales pace, with unsold inventory totals that are 14.9% below a year ago.

First time home buyers are partly responsible for the level of home sales that has increased, however they have also benefited from low mortgage rates that have not been seen for 30 years or so. Now that the tax credit has been extended and expanded, potential buyers have until April 30th 2010 to have a contract in place – this will allow the demand for housing to continue.

Now is the time to buy! All these great real estate deals in Malibu will not last!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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BREAKING NEWS! JUST IN!

Reported today, the Senate has just voted to extend the soon to expire on November 30th $8,000 First Time Homebuyer Tax Credit.

This credit has been one of the reasons for the recent rise in home sales and in some areas home prices. It has been key to many of the recovery efforts by the government to boost the economy. This is not long after pressure by NAR to extend the credit!

In addition to extending the deadline for the credit to mid-2010, the Senate has also agreed to offer a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. The unofficial word on the conditions of the extension and new credit are that the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes.

We will watch this story closely as it continues…[See Marketwatch for more information]

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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THE LATEST NEWS IS GREAT!

The National Association of Realtors – they have released their monthly real estate sales data for the nation and for all regions. Figures are up!

Single-family home sales rose 9.4 percent and condominium sales jumped 9.7 percent. Overall, existing-home sales, including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007! For the west of the country, Existing-home sales surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago.

Also with this level of sales activity inventory has fallen, Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

Locally, the California Association of Realtors has released figures showing that the statewide median price of an existing single-family home increased 1.1% in September and that the level of home sales increased 0.6% from August and 2.1% from September 2008. Also, the median price of an existing, single-family detached home in California during September was $296,090, compared with the $292,960 median in August. This is fantastic news!

Naturally the first time homebuyer credit helped bolster these figures – there is still time to get a home and be eligible for the credit!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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NAR (the National Association of Realtors) has asked Congress for the $8,000 First Time Homebuyer Tax Credit program, which ends on November 30th to be extended until 2010 and that the new FHA Loan Limits to remain in place for a while longer.

Both of these programs are key to the housing markets recovery they say. Current FHA loan limits are as high as $729,750 in high cost areas, and are set to expire at the end of the year and revert to lower amounts.  After all, FHA backed loans are forming the backbone of the lending market at the moment.

According to NAR: “Making the current FHA loan limits permanent would ensure liquidity in the housing market and make mortgages more affordable for qualified buyers at a time when the market is showing signs of a fragile recovery…”

Also, in terms of the $8,000 Tax Credit, which the National Association of Realtors believes should be continued into next year they say, that every home purchase pumps into the recovering economy about $63,000 – the equivalent, they say of adding one new job to the employment figures. They also say that “the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices.” 

This debate aside, Contact us today for help in buying a home in the area to take advantage of the programs while they are still around!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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LATEST NEWS ON THE FIRST TIME HOMEBUYER TAX CREDIT FROM NAR:

The deadline is approaching, with just over 8 weeks to go on what has been a successful program it is no surprise that the National Association of Realtors is urging the government to keep the $8,000 First Time Homebuyer Tax Credit program going!

The tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors. NAR has said that in every economic downturn in the past, the housing market has lead the way in stabilization for the economy

NAR are trying to get congress to extend the program a few months into 2010 or beyond to really help the housing market stabilize! As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing and go to closing all by November 30th. FHA, who have played a crucial role in helping first time homebuyers secure financing, are strengthening their financial position with tax payers money to ensure that its insurance remains in place therefore  it seems to make sense that congress could take advantage of the situation and extend the program to help the market in the longer term.

In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing. This means that if you are a first time homebuyer you need to act now to make sure you can get in for the credit! CONTACT US TODAY IF YOU NEED ASSISTANCE IN THE MALIBU OR SURROUNDING AREA!

Check back with us to see more as this develops.

f you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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The National Association of Realtors (NAR) is full of great information at the moment about the ever growing and changing Real Estate market! Although custodians of the national data, they do of course release information relevant to local real estate markets.

They have just released their monthly pending home sales data and the news is excellent all round.

The Pending Home Sales Index has risen for the fifth consecutive month – the first time in six years since it has done that!

The index rose nationally 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was back in July 2003.

Locally here in the West of the nation the index rose 2.9 percent to 100.4 – here in Malibu there has been a marked increase in activity.

With affordability being great at the moment, it is important to keep an eye on NAR’s Housing Affordability Index as an indicator of what the market is doing. They have just released the latest for the index and it stood at 159.2 in June, down from record peaks in recent months but it remains 36.6% points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. Now is definitely the time to buy, despite lending being tight!

Here is a video from NAR on the latest data:

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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The National Association of Realtors has released the Real Estate statistics for June 2009 this week.

The news is great. Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June.

Existing-home sales increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June. Total housing inventory at the end of June fell 0.7% to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, down from a 9.8-month supply in May. Although local inventory levels do vary. In the Existing home sales figures is condominium and co-op sales which on their own jumped 14.0% in June – this is great news!

However, despite all the positive data, distressed sales accounted for a whopping 31% of sales in June which does distort the figures somewhat downwards compared to the traditional sales.

More interestingly, first-time buyers accounted for 29% of transactions – this is likely due to the first time homebuyer tax credit. Also the number of buyers looking at homes is up around 12% over June 2008.

Here in the West existing-home sales improved by 6.4% to an annual rate of 1.16 million in June, and are 11.5% higher than June 2008.

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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Some exciting news for us all has just been issued today from the National Association of Realtors!

Much has been talked about in the last few years about going green as we have been discussing on this blog. Including the latest idea from Malibu City Council who have proposed a Green Building Ordinance for the city.

Everyone these days is jumping on the green bandwagon and wanting to know how they can do their bit as part of the green revolution as well as information on national incentives to help you become more energy efficient. Even Celebrities have got in on the action!

Private homes in Malibu of course are a prime target by environmentalists who want homeowners to do their bit, however in this instance with a commercial building, the National Association of Realtor’s is leading the way in DC!

The NAR office building on Capitol Hill (see picture above left) was the first newly constructed (in 2004), green certified building in the District of Columbia, demonstrating NAR’s commitment to environmentally sustainable real estate development.

Not only is the building aesthetically pleasing, it is certified for Leadership in Energy and Environmental Design and was awarded the Silver rating by the U.S. Green Building Council when the building opened. NAR cleaned and developed an abandoned contaminated site as the home of its D.C. headquarters. 50% of the building’s energy comes from renewable resources, and 30% less water is used compared to other buildings of similar size. (Water conservation is something which in Malibu is always making the headlines)

In testifying before a House Transportation and Infrastructure Subcommittee, NAR reiterated the significance of its green building and reinforced its support for energy efficiency tax credits as currently there is a growing trend towards greener construction and green homes are in demand as consumers are watching their energy costs and wanting to care more for their environment. Buyers are also realizing that when it comes to selling their home if they have an energy efficient home with lower than average utility bills it may help them sell their home faster.

So join in the revolution and go green in your home!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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The National Association of Realtors is asking lawmakers to help improve energy efficiency in homes by offering incentives to homeowners.

We have already spoken how going green not only helps conserve resources and save the planet, but also how it can aid you in the sale of your home!

However in the long term there is a natural trend towards conservation, recycling and renewable resources. Enticing homeowners to improve their energy efficiency is no easy task!

NAR has expressed support for the approach and overarching goals behind the Green Resources for Energy Efficient Neighborhoods (GREEN) Act, H.R. 2336. The National Association of Realtors believes that improving the energy efficiency of the nation’s homes and buildings can be best accomplished with incentives and education. (CAR – The California Association of Realtors already has its own informative “Green” website)

H.R. 2336 would establish incentives to encourage energy efficient building, rehabilitation and upgrades. In addition, the bill provides a loan fund for states to implement renewable energy projects and would encourage a number of U.S. Department of Housing and Urban Development (HUD) demonstration and pilot programs that would provide best practices and great experiences for promoting energy efficiency in housing.

Developers have started to building green homes (See our blog post on Pacific Palisades) and Americans as a whole are learning ways to decrease energy usage whilst not compromising lifestyle. Like Cindy Crawford did in her home!

Watch this space for more information on this bill. Click here to read more about the local Malibu Green Building ordinance being enacted by the Malibu City Council!

Turn your energy efficient efforts into not just an environment saving project but a selling feature!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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National Association of Realtors has released exciting information on a rise in pending home sales

The data is in and the news is great! A combination of record low mortgage interest rates, high affordability levels and the first-time buyer tax credit boosted sales for the third consecutive month! The Pending Home Sales Index nationally rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.

For the West Coast, the news is just as exciting, here in the the index rose 1.8 percent to 94. This news comes shortly after news that here in California for instance home sales are rising much faster than expected; some areas in the state are seeing a 70-80% increase in sales and price increases are expected shortly.

Video Courtesy of the National Association of Realtors

Lawrence Yun – NAR Chief Economist had this to say: “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market…[as] buyers must finalize their purchase by November 30th” – Now is the time to buy!

With new rulings allowing First Time Homebuyers to utilize the tax credit as a downpayment before receiving their check from the IRS it is expected that the upward trend of further purchases will continue. In 2008, 41% of all home purchases were made by first time homebuyers. In the first quarter of 2009, that number was 53% (according to NAR) they are an important part of the market.

The National Association of Realtors has stated that in the coming months it expects the beginnings of a market turnaround with particular focus on the forth quarter of this year as it is expected buyers start to really take advantage of the great deals to be had!

If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.

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